Mizuho Taps Oracle, Micron, Airbnb in August High-Conviction Tech List

Mizuho has published its latest list of high-conviction U.S. technology stocks, identifying seven companies its analysts favor based on bottom-up analysis. The selections represent what the firm views as its most compelling and differentiated investment ideas, where its ratings and estimates diverge from consensus expectations.

AI and Cloud Infrastructure in Focus

Mizuho's list shows a strong emphasis on companies poised to benefit from artificial intelligence and cloud computing trends.

• Oracle (ORCL): The firm highlighted Oracle's surging demand for its bare-metal GPU clusters used in large-scale AI training. This demand has driven the company's remaining performance obligations to $638 billion. Mizuho forecasts a 35% compound annual revenue growth rate for Oracle through fiscal year 2030.
• Micron Technology (MU): Citing strong memory demand expected through 2027, Mizuho sees Micron as well-positioned. The firm noted strong ramps in HBM (High Bandwidth Memory), with HBM4 now shipping to Nvidia, and estimated potential year-over-year contract price increases of over 400% for NAND and 393% for DRAM.
• Atlassian (TEAM): Mizuho believes the company's strategy of sunsetting its Data Center product will accelerate migrations to its cloud-based offerings over the next few years. Atlassian recently reported that its cloud revenue growth accelerated to 31% year-over-year in its fiscal fourth quarter.

Travel and Digital Platforms Highlighted

The list also includes key players in the online travel and financial technology sectors, pointing to specific growth catalysts.

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• Airbnb (ABNB): Mizuho analysts believe investors are underappreciating the company's opportunity in the hotel market. They expect Airbnb's efforts to add boutique and independent hotels to drive approximately 2 percentage points of incremental growth contribution in 2027.
• Trip.com (TCOM): The firm remains constructive on the online travel agency, noting that the conclusion of an antitrust investigation by China’s State Administration for Market Regulation (SAMR) removes a major overhang on the stock. Mizuho cited the company's strong brand awareness as a key advantage.
• Robinhood (HOOD): Mizuho pointed to the trading platform's "generational appeal," high operating leverage, and rapid product development, including its Gold Card and retirement accounts. The firm sees international expansion and new offerings like futures trading as key catalysts.

Data and Financial Services Pick

Rounding out the selections is a major financial data provider, which Mizuho values for its strong competitive position.

• S&P Global (SPGI): The firm's analysts praised the high-quality business model of S&P Global's credit rating agency, which benefits from a strong competitive moat and consistent pricing power. They also expect growth in its Market Intelligence division to accelerate, with AI acting as a positive revenue catalyst.